(RTTNews) - Oil prices traded higher on Thursday, recovering from an early slide as the Middle East conflict showed no signs of easing.
There has been an escalation in fighting between Saudi Arabia and the Houthis in Yemen, fueling concerns about further disruptions to energy supplies.
At least 23 people were killed in a Yemen prison airstrike as Houhi rebels and the Saudi-led coalition exchange attacks.
Brent crude futures were up nearly 1 percent at $102.18 a barrel, hovering at their highest level since May.
WTI crude futures were up 1.2 percent at $97.22 a barrel on heightened concerns over oil flows through the Strait of Hormuz, a key global energy transit route.
Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed that its naval forces attacked two U.S. vessels and eight oil tankers near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, adding it would escalate its response to any further attacks.
Meanwhile, U.S. President Donald Trump said oil prices that spiked because of the Iran war are unlikely to come down until after the U.S. midterm elections, adding that the U.S. is not looking to restart negotiations and that Tehran "can't hold out any longer."
Trump also said that recent U.S. strikes in Strait of Hormuz have incapacitated nine Iranian tankers and more attacks could follow.